Cut your debts

Story link: Cut your debts

Its only natural that people that have lent money will want to pay it off as soon as possible as job security slowly disappears for the whole of the UK.
What I do wonder though, is if borrowers lent money when they had secure incomes coming in, how can they pay it off if there is nothing coming in?
This is obviously a good idea if your in a good job for now, then if you do get laid off in the near future, your nice and secure with no debts to worry about.

Cut your debts

The next two weeks will be the busiest time of the year for applications for new credit cards, with cash-strapped borrowers keen to shift debts so they can start 2009 on a strong financial footing.
A mixture of Christmas overspending, stubbornly high mortgage costs as a result of the credit crunch and the growing number of redundancies are putting households under increasing strain.